Yes. The founders of Memphis, Tennessee — John Overton, Andrew Jackson, and James Winchester — named the city in 1819 after the ancient Egyptian capital Memphis (Men-nefer, "Enduring and Beautiful").
Ancient Memphis: founded c. 3100 BCE; Old Kingdom capital; Ptah cult center; declined after Alexandria rose.
American Memphis: grew as cotton hub, music capital (blues, rock 'n' roll), civil rights crucible — its own "enduring and beautiful" legacy.
Other U.S. cities with Egyptian names: Cairo (IL, GA), Alexandria (VA, LA), Thebes (IL), Karnak (IL).